A deal that could reshape the global automotive landscape in the next few years could finally end the long, bitter feud between the Pagani brand and BMW, according to an investment bank.
Bengal-based investment bank UBS said Monday it had agreed to buy Pagani Motor Sports for $5 billion, marking the latest in a string of high-profile deals by UBS in the world of motorsports.
The $5-billion deal is the biggest acquisition by a foreign bank in American automotive history, according a statement.UBS, a global investment bank with offices in New York and London, is also investing in U.S. sports car manufacturer General Motors and its American team in the United States.
The combined companies are known as General Motors.
The combined companies will have about 7,000 employees.
The UBS-Pagani deal marks a return to global business for UBS, which has long been focused on the automotive industry, particularly in Europe and Asia.
In 2015, it became the first bank to acquire a U.K.-based sports car maker, after U.KS-based Nissan agreed to acquire the rights to a UBS shareholding in the Nissan sports car brand.
In addition to General Motors, the new investment firm is investing in a number of other American brands, including Chevrolet, Ford, General Motors Co., Porsche, and General Motors (GM).
It is also expanding its investment in electric-car maker Tesla Motors Inc.
The deal comes as the U. S. automotive industry grapples with a growing number of electric-vehicle battery failures that have been blamed on high-voltage batteries in the vehicles.